Instagram is adding NFTs soon, says Mark Zuckerberg

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Meta head Mark Zuckerberg revealed that video and photo-sharing app Instagram is preparing to add non-fungible tokens (NFTs) to the platform.

“We are working on bringing NFT to Instagram soon,” Zuckerberg said in a keynote at the South by Southwest conference in Austin, Texas. The Facebook founder did not provide details on when the rollout would occur.

Casey Newton, a writer for the platform’s newsletter, tweeted from the conference that Zuckerberg also said he hopes Instagram users will be able to create their own NFTs on the platform in the coming months.

The meta did not immediately respond to Cointelegraph when the NFT post was live.

Last October, Meta changed its name from Facebook to focus on its Meta-related projects. Corporate reports for the fourth quarter of 2021 showed for the first time that the financial data of augmented and virtual reality research and development company Reality Labs showed a loss of more than $10 billion. To be fair, the Meta Corner in the Metaverse has not yet been published, so it will be difficult to make money on it.

This is not Meta’s first attempt at creating a cryptocurrency-related project. In 2019, the company revealed plans to create Libra, later renamed Diem, a USD-denominated stablecoin that fell due to a lack of regulatory approval and community failures. The project is being taken over by Silvergate Capital, although some former Meta employees now want to revive the open source stablecoin by building their own network.

Related: Vale Diem: How Facebook’s ambitious stable project ended

Social media companies have been looking to implement cryptocurrencies and NFTs on their platforms following Twitter’s famous decision to add support for NFT profile images in January. Reddit adopted NFT avatars from its own collection, and adult site OnlyFans included NFT profile pictures in December 2020.

Not only social media giants want to take part in the promotion that cryptocurrency has to offer. Traditional financial firms are showing interest in the space, along with major credit card company American Express, indicating it is expanding into the Metaverse, according to trademark filings.

Applications filed with the U.S. Patent and Trademark Office this week show American Express is poised to offer virtual banking and exchange services, cryptocurrency services, and enable credit cards in the NFT marketplace.

Source: CoinTelegraph

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